Biopharmaceutical company Attovia Therapeutics said on Tuesday it was targeting a valuation of US$731.5 million in its upsized initial public offering, signaling strong demand for biopharma listings.
Here are some details:
- The San Carlos, California-based company is now seeking US$289 million by offering 17 million shares priced at US$17 apiece.
- It had earlier aimed to raise up to US$212.5 million by offering about 12.5 million shares priced between US$15 and US$17 apiece.
- An entity affiliated with Goldman Sachs will own about a 5.7 per cent stake in Attovia, according to the company’s filing.
- Founded in 2023, Attovia develops biologic therapies for immune-mediated diseases using its ATTOBODY platform, with drug candidates targeting inflammatory skin conditions and inflammatory bowel disease.
- Attovia plans to use the IPO proceeds, along with existing cash, to advance the development of its lead drug candidates, fund research and development activities and for working capital and general corporate purposes.
- The company plans to list on the Nasdaq Global Market under the symbol “ATTO.”
- Morgan Stanley, Leerink Partners, Citigroup and RBC Capital Markets are among the underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Jonathan Ananda)
